The perpetrator of a $568 million cyber crime pleaded guilty last week in the United States. The Russian born Sergey Medvedev, 33, confessed before the US District Court of Nevada that he is the founder and main operator of Infraud Organisation. This cybercrime unit was offering credit cards for sale, stolen identities, banking and financial information, on top of other similar contraband.
Infraud Organization was shut down by US authorities all the way back in 2018, a crackdown that led to the arrest of Medvedev in Thailand. He was found to be in possession of 1000 bitcoin upon his arrest.
Authorities claim that the Russian-born ran the cybercrime operation for seven year, which when combined with the swindled $568 million, results in the largest cybercrime bust in the history of the United States. Furthermore, the fraudsters had inflicted approximately $2.2 billion in intended losses, with $568 million is actual losses. The victims range from financial institutions, to merchants, to private individuals, to anyone in between.
On top of that, Medvedev was hands deep in a cryptocurrency exchange which he was operating, as well as an escrow services for all the 10 901 Infraud Organization members.
In related news, Central Tech’s promoter, an Initial Coin Offering scam, also pleaded guilty before a US court. The promoter Robert Farkas defrauded investors for $25 million. Interestingly enough, Central Tech was endorsed by boxer Floyd Mayweather and DJ Khaled. Both celebrities were issued a hefty fine for their endorsement of a s scammer firm.
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